Ollie’s Bargain Outlet reported double-digit sales growth in the third quarter as the retailer opened its 300th store in the three-month period ended November 3.
Total sales for the quarter increased 19.1% to $283.6 million. Comparable store sales were up 4.6%. Net income increased 31.6% to $24.8 million with diluted earnings per share up 31% to $0.38.
“The third quarter was our 18th consecutive quarter of positive comparable store sales with broad-based strength across our merchandise categories,” said Mark Butler, Ollie’s president and CEO.
During the quarter, the company opened 17 new stores and relocated one store, with two locations shuttered. In addition, the company recently opened its 300th store and at the end of November acquired land in Lancaster, TX, for the company’s third distribution center.
The 58-acre parcel of land will eventually be home to a 615,000 square foot facility scheduled to open in the first quarter of 2020. When fully built out, the distribution center will be able to service 150 to 200 stores, company officials said.